Calculate your loan repayment schedule with extra payments and see how much you can save
Calculating your amortization schedule...
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Fill in your loan information and click "Calculate Amortization" to see your repayment schedule with extra payments
This free Loan Amortization Calculator with Extra Payments helps you understand your loan repayment schedule. By entering your loan details, you can see how much you'll pay each month, how much interest you'll pay over the life of the loan, and how making extra payments can help you pay off your loan faster and save money.
See how extra payments can shorten your loan term
Discover how much interest you can save
Track your loan balance reduction over time
Understand exactly how each payment affects your loan balance and interest costs.
Discover how small extra payments can lead to significant interest savings over time.
See how extra payments can shorten your loan term by months or even years.
Track your loan reduction through interactive charts and progress indicators.
Loan amortization is the process of paying off a loan with regular payments over time. Each payment covers both interest and principal, with the interest portion decreasing and principal portion increasing over the loan term.
Extra payments reduce your principal balance faster, which decreases the total interest paid and can shorten your loan term. Even small extra payments can make a significant difference over time.
Recurring payments provide consistent savings and faster payoff. One-time payments are great for applying windfalls (like tax refunds). Both strategies are effective - choose what fits your budget.
This calculator is designed for standard installment loans with fixed interest rates (like mortgages, auto loans, or personal loans). It may not be accurate for credit cards, adjustable-rate loans, or loans with balloon payments.